New Jersey SNF Gets HUD Refinance
Cambridge Realty Capital Companies secured a HUD refinance for a 102-bed skilled nursing facility in Madison, New Jersey. Previously owned by Extended Care Clinical, the facility last sold in 2016 for $8.3 million, or $81,400 per bed, to a family owner/operator. Built in 1947 with 102 beds in two stories, the facility provides both short- and long-term care, with a subacute rehab center in a separate wing. Services range from orthopedic and trauma care to stroke, cardiac, tracheostomy and wound care. There are also on-site EKG’s, lab services and bladder scans. It is located across the street from Drew University and about three miles from Morristown Memorial Hospital. Cambridge... Read More »
Ziegler Secures Large Bond Financing for Texas Project
Ziegler announced a large bond financing to fund the development of a not-for-profit senior living community in Fort Worth, Texas. The sponsor, Methodist Retirement Communities (MRC), will add 172 independent living, 40 assisted living and 24 memory care units to its portfolio with the project, which is set on about 19 acres in Tavolo Park, a new master-planned commercial and residential community in southwest Fort Worth. MRC also brought in Greystone to act as development consultant and operator for the community until the end of the second fiscal year after it achieves stabilized occupancy. Thereafter, MRC will assume management of the... Read More »
M&T Realty Finances Virginia Acquisition
M&T Realty Capital Corp. secured financing to support Irvine, California-based Avanath Capital Management’s acquisition of an affordable senior apartment community in Sterling, Viriginia (Washington, D.C. MSA). Developed in 2001 with low-income housing tax credits, the 150-unit community was previously owned by a private local investor. Set in a desirable location and featuring a quality physical plant, the community was apparently financially stable. Emerging from several potential buyers, Avanath purchased the community for $27.2 million, or $181,300 per unit. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing... Read More »
People on the Move
Don Kelly, formerly of CapitalSource Healthcare Finance but more recently a Senior Managing Director at MONTICELLOAM, has joined Locust Point Capital as Managing Director. He will be responsible for loan originations and structuring at the asset management firm, which focuses on direct lending to the lower middle market in seniors housing and care. Mr. Kelly has experience originating, structuring and underwriting approximately $5 billion in transactions across his career, which should help in his goal of expanding Locust Point’s market reach and product offerings in the lending market. Mr. Kelly also has operating company experience, formerly working as an Executive Vice President at... Read More »
Meridian Capital Group’s End of Summer Sprint
Meridian Capital Group’s seniors housing and healthcare team is sprinting to the end of summer, with over $160 million in transactions closed in the last two weeks alone. September has been noticeably slower than even previous months, so to get that amount of transaction volume across the finish line is impressive. Managing Directors Ari Adlerstein and Ari Dobkin, along with Senior Vice President Josh Simpson, first arranged a $47.8 million loan from a finance company, plus a $3 million A/R line to refinance two skilled nursing facilities with 328 total beds in New Jersey. The trio also secured a $30.2 million acquisition loan to fund the purchase of a CCRC in Florida... Read More »Schedule a demo
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